HK-listed Techtronic jumps after it denies Jehoshaphat Research report

Techtronic Industries Co

24/02/2023 05:29

** Shares of Hong Kong-listed power tools maker Techtronic
Industries Co Ltd  0669.HK  jump as much as 8.1% to HK$81, and
on track for the biggest daily pct rise since Nov. 11, 2022 if
gains hold
    ** Stock is the second biggest pct gainer in Hang Seng Index
 .HSI , Hang Seng Commerce & Industry Index  .HSNC  and fifth
biggest gainer in Hang Seng Composite Index  .HSCI 
    ** Techtronic on Thursday denied Jehoshaphat Research's
allegations on company's profitability
    ** Citi reiterates "buy" rating, says given lower valuation,
it presents a buying opportunity after the shares slide and the
company's denial
    ** Daiwa reiterates "buy", saying inventory risk during the
current down-cycle is manageable for the company and
consistently launching new products is key for Techtronic to
gain market share while improving its ASP and gross margin
    ** Techtronic is due to announce final results on March 1
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
1.7%, while the Hang Seng Composite Index  .HSCI  and the
benchmark Hang Seng Index  .HSI  both fall 1.4%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))